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Allianz X pivots from being a company builder to a strategic digital investment firm
Nazim Cetin to lead Allianz X as sole CEO in new phase of strategic digital investment
Peter Borchers steps down as CEO of Allianz X; however, will remain as an advisor to Allianz’s Chief Digital Offices
Dr. Nazim Cetin, Co-CEO of Allianz X, will take on sole leadership of the company effective immediately.
Allianz X, the venture unit of the Allianz Group, announced today strategy and leadership changes intended to prepare the entity for long-term success.
Given the shift in strategy, Allianz X will discontinue its early-stage company building activities and focus on digital investment with strategic relevance for Allianz. Allianz X will invest in five ecosystems: mobility, connected property, connected health, wealth management and retirement, and data intelligence and cybersecurity.
Dr. Nazim Cetin, Co-CEO of Allianz X since August, will take on sole leadership of the company effective immediately. Cetin joined Allianz X most recently from media conglomerate Bertelsmann, where he was a Vice President of Corporate Development & New Businesses, as well as Head of Business Development. He brings more than a decade of corporate and investment experience to Allianz X and additionally has advised many successful international venture capital funds.
“We wish Nazim the best in managing the new strategic digital investment fund, which will support our broader mandate to bring innovation into our core business, enabling us to become digital by default", said Solmaz Altin, Chief Digital Officer of Allianz Group.
Peter Borchers successfully managed the transition from former Allianz Digital Accelerator to Allianz X. During his tenure, Abracar was launched and Allianz became an investor in Lemonade, among others. After this development work Peter Borchers has decided to seek opportunities outside of Allianz. He will continue to support Allianz and the Group CDO as advisor on digital matters.
Solmaz Altin said: "We regret that Peter decided to leave, thank him for his leadership during the past year and wish him the very best for his new endeavors.”
The Allianz Group is one of the world's leading insurers and asset managers with more than 86 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2016, over 140,000 employees in more than 70 countries achieved total revenues of 122 billion euros and an operating profit of 11 billion euros for the group.
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Danielle Dias Coutinho
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